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:wtflol:I can just see greedy little grubby hands rubbing together in the LTL industry over the following article...

Traffic World OnLine - Trucking

YRC Bankruptcy Risk High, says Analyst
1/26/2009
John Gallagher
Associate Editor

Details of the waiver conditions YRC Worldwide obtained from its bank lenders Jan. 16 reveal that the nation's largest trucking company may not have improved its chances of avoiding bankruptcy, according to Wall Street analyst Ed Wolfe of Wolfe Research.

YRC's banks provided the waivers until mid-February to allow sufficient time to amend its credit facilities and renew asset backed securitization without a delay in reporting the company's 2008 results.

However, Wolfe pointed out that the temporary waivers, which expire Feb. 17, carry conditions, including restricting YRC from executing asset sales of above $30 million. The waivers terminate if YRC incurs more than $30 million of additional indebtedness, fails to deposit cash proceeds from asset sales into an account maintained by the administrative agent under the credit agreement, or requests a loan other than a disbursement related to a letter of credit, among other conditions.

"We believe the restrictive conditions in these waivers likely shows how little hand YRCW has left in these negotiations and we continue to believe a high risk of some form of bankruptcy remains."


I feel sorry for those people at YRC and their families for the seemingly inevitable loss of their livelihood...

This will be the death of an icon in our industry due to some very bad management decisions. I have followed this fiasco for quite sometime. Their CEO is an idiot. He and his minions managed to get a guaranteed severance package approved by the Board of Directors as recently as last week.

Amazing...kill a company and livelihood of thousands and walk away with enough money to live well for the rest of your days.

I have friend of mine who works for them with over 20 years seniority and he figures he is out of a job after the COO.

Pathetic!!!!!

So heres to our friends and colleagues in the BIZ...better times are coming for you and yours...my prayers are with you :guiness:

Rat :loser:
 
I'm sorry, I guess I'm very selfish....but the demise of one of our major competitors virtually guarantees our survival (at least for the short term)

I find nothing dishonorable in knowing that I work for a company that has more productive employees, a better business plan and better management than our competition.

Isn't that what living in a capitalistic society is all about?
 
Having that "tag" of being the largest trucking company in the US, I think that they would probably get help from the government. We don't need a company that large to go out of business. That would be bad on all levels.
 
I would crow to loud on this issue.
How about K-Mart they filed for bankruptcy about 5 years ago,and they have recovered from it,as there are still K- Mart stores in most towns around the contry.
 
When Large Companies go out of business it will put more strain on a already weak economy. If YRC goes out there will be thousands of people out of work with the same or better qualifications as you. And do not think for a minute that the big corporate heads at Con-Way see this as a opportunity to replace some dead wood there with a influx of better qualified drivers. This is now what is going on at Schneider and J.B. Hunt. Schneider just got rid of their driver training program and now hires qualified drivers with experience and starts them out with a higher wage. J.B. is moving to get rid of the OTR freight and let their O/O do that and concentrate mainly on dedicated customers. When you have a large middle class income go out of work, the products do not get bought, cars are not bought, homes are not bought, then credit companies do not get their money and it rolls on down the hill. You might see it as a short term gain for Con-Way but that is only it Short term. If they go under it will be a fatal blow to this economy, It could be years before we recover. I pray for them and My fellow drivers and families. Believe me YRC does not want Con-Way to go under and the same is true for all carriers. We need people to work to keep all of us rolling.
 
YRC handles 33% of the freight in the U.S.; i think they should apply for a bailout! this is very serious people, we only handle about 8% do the math!!!
lets all keep on trucking
 
Mr. Good Wrench said:
I'm sorry, I guess I'm very selfish....but the demise of one of our major competitors virtually guarantees our survival (at least for the short term)

I find nothing dishonorable in knowing that I work for a company that has more productive employees, a better business plan and better management than our competition.

Isn't that what living in a capitalistic society is all about?
Click to expand...

You are correct,on the selfish part:loser:
 
Mr. Good Wrench said:
I'm sorry, I guess I'm very selfish....but the demise of one of our major competitors virtually guarantees our survival (at least for the short term)
Click to expand...
For the short term that is correct. Never underestimate what a large corporation can do to your life.
I find nothing dishonorable in knowing that I work for a company that has more productive employees, a better business plan and better management than our competition.
Click to expand...
Many could and will argue that people are the same no matter who they work for, however to say you are more productive is an insult to any working man who gives a Fair days pay for his employer. The management issue is another laugh, Con-Way is isn't any better then any other large corporation is respect that their only concern is profitability at your expense while enriching executive compensation.
Isn't that what living in a capitalistic society is all about?
Click to expand...
No !
 
not untill you reach a point where there is more freight than trailer space to haul it ,will prices go back up (gonna be a while)
 
Remember, when CF went out, it only took 4 months for capacity to fill up and everyone was looking for more freight.
 
In business its survival of the fittest. If YRC is able to overcome the economy and past decisions, they may come out stronger than ever. However, there are many indications they may not be able to...which would benefit their competiton...Con-way, Fed Ex, UPS, ABF, etc. There is currently capacity, and they are not "too big to fail"

"Economic cycles are Darwinian, picking off weak companies and leaving survivors stronger."
 
“You're in the midst of a war: a battle between the limits of a crowd seeking the surrender of your dreams, and the power of your true vision to create and contribute. It is a fight between those who will tell you what you cannot do, and that part of you that knows / and has always known / that we are more than our environment; and that a dream, backed by an unrelenting will to attain it, is truly a reality with an imminent arrival.”
 
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